AUD/USD chart - Trading View
AUD/USD was trading 0.14% higher on the day at 0.7878 at around 06:30 GMT, outlook remains bullish.
The pair fades initial gains, slipping lower from session highs at 0.7908, but risk-on mood keeps the pair on firm footing.
Analysis of GMMA indicator shows major and minor are strongly bullish with long and near term moving averages biased sharply higher.
On the monthly charts, the pair has broken above 110 month EMA at 0.77 mark and is poised for further gains.
Price action is currently above 88.6% Fib retracement at 0.7836 and bullish momentum is likely to carry the pair higher to test Jan 2018 highs at 0.8135.
On the flipside, 50-DMA and daily cloud offer strong support at 0.7658. Break below could see more weakness. Bullish invalidation below 200W MA.
